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Palantir Technologies Surges on Strong AI Demand and Profit Outlook

The data analytics firm reports its first profitable year and forecasts robust growth in 2024, driven by surging demand for its artificial intelligence offerings.

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Overview

  • Palantir Technologies forecasts a strong profit for 2024, exceeding Wall Street estimates, on the back of robust demand for its AI products.
  • The company reports its first profitable year in 2023, with a record profit of $209.8 million, driven by a surge in U.S. commercial revenue.
  • U.S. commercial revenue in Q4 2023 surged 70% year-over-year to $131 million, with total commercial revenue beating estimates.
  • Palantir signed 103 deals of over $1 million each in Q4, indicating strong market demand for its AI and data analytics solutions.
  • Despite concerns over the valuation and sustainability of growth, analysts upgrade Palantir's stock following impressive Q4 results and 2024 guidance.